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Politics : Politics for Pros- moderated

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To: Ilaine who wrote (68385)	9/9/2004 12:23:38 PM
From: Road Walker	Read Replies (1) of 793953

re: I assume our experience is standard. We could not get a mortgage without homeowner's insurance, and needed a certificate that we were surveyed and were not in a flood zone. But flood zones are based on normal experiences, and hurricanes are outside the norm, at least inland. Same here in FL. After Andrew, a lot of changes were made. All the insurers threatened to leave as they had lost every bit of profit they had every made insuring FL homes. We have some of the highest insurance rates in the country, and a majority of the premium goes into a state fund that caps the insurance companies liability. They have all also set up separate corps in FL so that a big hit doesn't take down the company. Most folks don't have a, say $500 deductible, like other places. Most have 2% of the homes value, and they just passed a new law where the deductible can be 5% of the homes value. That can be quite a hit to a homeowner, $15K on a $300K house. But it is a myth that when a hurricane hit's FL then people's insurance rates will go up in other parts of the country. The liability is isolated, and we pay dearly for it. John

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